According to Statistics Finland the Finnish economy showed zero growth in the period July to September compared to the previous quarter this year.
Compared to the same third quarter period last year, the economy shrank by 0.1 percent, with the biggest contraction coming from the trade, transportation and forestry sectors.
On the flip side of the coin, exports grew slightly by 0.4 percent in the third quarter compare to last year. Although exports of goods fell by 2.6 percent, exports of services rose by 8.7 percent on last year.
Finns imported 2.0 percent more than they did last year, with goods imports growing by 3.5 percent and imports of services contracting by 1.9 percent against the same July – September period in 2012.
Private consumption down, state spending up
Statistics Finland reports that private consumption declined 0.7 percent while public consumption increased 2.0 percent on last year.
Construction investment meanwhile fell by 2.1 percent compared to the third quarter last year. Investments in machinery, equipment and transportation stock dropped 15.1 percent on 2012.
Earlier this year, Statistics Finland had pegged economic growth for the period April to June at 0.2 percent, but later data showed a weaker performance at 0.1 percent, which was a decline compared to the previous quarter and represented a slight contraction of the economy.
According to data from the European Union statistics body Eurostat, economic growth in the EU for the period July – September was 0.2 percent compared to the second quarter of the year.